Data Protection as a Service Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)


Posted May 18, 2021 by manojshinde

The Data Protection-as-a-Service market was valued at USD 7.61 billion in 2020 and is expected to reach USD 18.96 billion by 2026, registering a CAGR of 17.1% from 2021 - 2026.
 
With the increased growth and popularity of cloud services, many businesses are looking to enhance their hosted services to give them access to better benefits such as higher scalability, management, and recovery options. Various cloud storage and data security companies are developing data protection as a service model to meet their client's needs better.

- Over time, the frequency and scale of cyberattacks have grown significantly. Organizations are now in need of a multi-layered, highly connected security system that can mitigate risks and prevent attacks. With this growing threat and the increasing security skills gap, in-house security teams are no longer sufficient to protect businesses. Therefore, it has become inevitable for such organizations to look towards Data Protection as a Service (DPaaS) solution.

- Given the worldwide data, explosion businesses are expected to create 175 zettabytes per year in 2025, a 10-fold increase in less than a decade. Disaster Recovery as a Service, protects the data and the infrastructure. DRaaS allows a business to restore its entire data framework in the event of a natural disaster, ransomware attack, or technological failure from a backup at an offsite location. It is far enough to remain unaffected by the same crisis.

- In January 2020, Cisco published its 2020 Data Privacy Benchmark Study which offers a deep insight into the state of privacy a year and a half after the effective date of the European Union's General Data Protection Regulation (GDPR), widely considered a turning point on how organizations to control and manage the use of personal data. According to the study, organizations, on average, receive benefits 2.7 times their investment, and more than 40 % are seeing benefits that are at least twice that of their privacy spend.

- Even though the number of data breaches and cyberattacks increases, customers are not afraid of sharing their data with third-party companies. A survey conducted in 2019 by the Center for Data Innovation came to a conclusion that 58% of Americans are willing to allow third parties to collect at least some of their data, including biometrics and medical data. In the coming years, it is also found that this percentage is expected to increase to 70% due to the companies' personalized services.

- Several governments, as well as public and private organizations have introduced several measures to tackle this crisis and help limit the spread of COVID-19. From social distancing to (where possible) mandatory teleworking, discontinuing nonessential physical meetings, and promoting hand hygiene protocol, the way the people live, and work has changed. The enforcement of these measures can entail private-invasive actions that require efficient means of data protection by public institutions and private companies, which could positively impact the Data Protection as a Service market.

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Key Market Trends

Hybrid Cloud is Expected to Hold Significant Share

- While public cloud services have long promised organizations a massive range of benefits, fears around data protection, security, and compliance have always held some firms back. A recent report commissioned by HPE found that these three issues were the most significant factors when workloads were considered unsuitable for the public cloud. With the growth of hybrid cloud, the landscape is changing, as hybrid cloud offers organizations the best of the on-premise, private, and public cloud worlds.

- There is a significant growth in the number of organizations opting for vendor-agnostic models that help them spread out the risks of data breaches and security lapses. The hybrid cloud is at the center of this evolution. While approaches like that may increase the complexity of the protection of the data, but at the same time, it makes information security even more useful.

- According to the Evaluator Group, 58% of the organizations use hybrid cloud data protection solutions for disaster recovery. There are various aspects concerning data management with hybrid clouds that make data protection more complex. Protecting physical assets and data at the same time in the data center remains an essential requirement. Protecting virtual assets and data is also gaining traction.

- The adoption of hybrid cloud disaster recovery by businesses offers various advantages, such as eliminating the need for a secondary disaster recovery site. Further, the hybrid cloud also reduces the complexities and expenses of the maintenance and management of a system. All these factors are accounting for the growth of hybrid cloud-based data protection solutions.

- In November 2019, Nutanix, Inc. announced the findings of its second global Enterprise Cloud Index survey and research report, which measures enterprise progress by adopting private, hybrid, and public clouds. The report concluded that enterprises are planning to aggressively shift investment to hybrid cloud architectures, with organizations reporting steady and substantial hybrid deployment plans over the next few years. 85% of the survey respondents selected the hybrid cloud as their ideal IT operating model.

North America is Expected to Hold Major Share

- The North American market is expected to dominate the Data Protection as a Service Market due to high awareness and the high demand for the implementation. Moreover, major players who offer Data Protection as a Service are headquartered in the United States which includes companies such as IBM, Cisco, and Amazon Web Services. According to the US Department of Health and Human Services, the number of U.S. residents affected by health data breaches increased from 17.4 million to 40 million from the year 2014 to 2019.

- With the increasing number of SMEs, the data center market in the region has witnessed a healthy growth. Further, due to exponential growth in data generation volume, a shift of data has been observed, from private servers to cloud networks. This trend entails resilient and reliable backup, and recovery solutions, as disruption of services is resulting in enormous losses for the service providers.

- There is no single regulatory authority dedicated to overseeing data protection law in the US. At the federal level, the regulatory authority responsible for oversight depends on the law or regulation in question. In the financial services context, for example, the Consumer Financial Protection Bureau and various financial services regulators have adopted standards pursuant to the Gramm-Leach-Bliley Act (GLB) that dictates how firms subject to their regulation may collect, use and disclose non-public personal information.

- Moreover, after the implementation of GDPR in May 2018 in the region, it had a significant effect on every company storing sensitive data about anyone in an EU member state, putting most larger Canadian companies on the hook. Those violating the requirements found themselves paying EUR 20 million, or 4% of their global revenue, whichever is higher. Such regulations in the region have increased the demand for data protection.

- In December 2019, Canada came with a proposal to revamp the country’s data privacy laws, including strengthened powers for its information regulator. Ability to withdraw consent for data collection and remove some personal information, in particular, are outlined, among other initiatives focused on the data practices of both government and business which could increase the usage of the Data Protection as a Service by various businesses in the country.

Competitive Landscape

The Data Protection as a Service (DPaaS) market is moderately competitive and consists of several major players. In terms of the market share, few of the players currently dominate the market. However, with innovation in the data storage and security systems, the companies are increasing their market presence by securing new contracts by tapping across the emerging markets.

- April 2020 - Hitachi Vantara released the Hitachi Virtual Storage Platform (VSP) E990. This is the provider’s new storage platform for midsize enterprise customers. The E990’s low latency supercharge business applications, and data deduplication ensures storage cost reductions. In 2019, Hitachi Vantara also introduced Data Protection as a Service (DPaaS) as well as expanded capabilities for Storage as a Service (STaaS). The as-a-service offerings are pre-engineered and provided as fully managed services to deliver rapid deployment, transparent consumption-based pricing, and guaranteed service levels.

- December 2019 - The Auwau Cloutility software platform can now be integrated with both IBM Spectrum Protect and IBM Spectrum Protect Plus to provide data protection as a service. It can protect the data in their enterprise and provide data protection to enterprises around the world. Cloutility can transform your IT infrastructure into a utility-based consumption model that automates the business processes used for data protection, including everything from system setup to automatic billing.

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Issued By Statzy Market Research
Country India
Categories Technology
Tags data protection as a service market , data protection as a service market forecast , data protection as a service market share , data protection as a service market size
Last Updated May 18, 2021